Are you struggling to keep up with your federal and private student loan payments? If so, and you haven’t yet considered consolidating your student loans, then you may want to see what the Bank of North Dakota has to offer. Although the options may vary based on the state you live in, it is worth taking the time to do some investigation into the consolidation services offered by this lender.
The Bank of North Dakota offers a DEAL One Loan. This is a loan that allows you to consolidate both federal and private student loans into one new loan with a low interest rate. The variable minimum annual percentage rate (APR) is 2.82% and the minimum fixed rate APR is 4.78%. These are some of the lowest rates you will find for student loan consolidation.
Federal and Private Loans
The DEAL One loan will consolidate most federal student loans including Stafford, Perkins, Direct and PLUS (parent loans). In addition, private loans from any lender can be included in this consolidation loan. To qualify for this program, you must be a U.S. citizen and your loans must be current. You will not be eligible to consolidate your loans if they are delinquent or in default status. There is no maximum loan amount, and no additional loan fees or charges.
Unless you already have a DEAL One loan, you must be a resident of North Dakota for at least 6 months before you will be eligible to apply.
Other Consolidation Options
If you are not a resident of North Dakota and you do not have plans to move there anytime soon, then you will have to consider other options to consolidate your student loan debt. There are a few other lenders who offer federal and private student loan consolidation, such as SoFi and Nelnet, so you may want to research these lenders and compare their loan options. Some may choose to consolidate their federal student loans through the Federal Direct Consolidation Loan program and use a private lender to consolidate their private student loans.
Understand Your Finances
To make the best decision for your financial situation, you will have to know how much student loan debt you have, whether it is federal or private, or both, and the associated interest rates and fees for each loan. Once you have this information, you can compare consolidation loan options to find the best deal for you.